- The U.S. government has frozen over $52 million in cryptocurrencies associated with Xinbi Guarantee and its laundering operation.
- The U.S. Treasury Department has sanctioned Xinbi, SafeW Technology, and Anwen Technology for their involvement in scamming activities.
Xinbi Guarantee is an online cryptocurrency platform that was involved in large-scale scam operations throughout Southeast Asia, and this has become the target of US government efforts. The Department of Justice imposed a restraint order for over $52 million worth of cryptocurrencies belonging to Xinbi and its vendor networks. This operation also involves targeting the communications and technologies used by the criminal network. Two wallets from Xinbi were taken by the Strike Force of the DOJ’s Scam Center that had over $12 million worth of cryptocurrencies. Another restraining order was issued against 47 wallets.
DOJ Goes After Xinbi’s Marketplace Infrastructures
The Telegram channels that were seized had vendors who were providing services for scamming activities. As per the DOJ, the vendors were selling money laundering services, customized investment scam websites, and recruitment services. These services were facilitating scam camps working in Southeast Asia. Thus, the operation is not limited to individuals but focuses on infrastructure that helps in executing the criminal activities. Tether helped US investigators in their work in this operation, as per the DOJ. Officials from the Treasury Department went after businesses associated with the technology and finance of Xinbi.
Treasury Imposes Sanctions on Xinbi’s Service Providers
Besides imposing sanctions against Xinbi, OFAC sanctioned two other entities, namely Singapore-based SafeW Technology and Cambodia-based Anwen Technology. Treasury noted that Xinbi began to use their merchant and money laundering networks with SafeW’s encrypted messaging application around June 2025. It was alleged that Anwen was behind the development of NewPay/XinbiPay for crypto payments in the marketplace.
The network was reported to operate mainly in Southeast Asia. Treasury further accused North Korean hackers of being behind the operations on Xinbi’s platform. It further noted a connection between the platform and the Prince Group. The sanctions will lead to the blocking of Xinbi’s assets in the United States and any interest in its property.
Pressure Increased Against Cryptocurrency Scam Networks by US and UK
This is the latest move in an international campaign that targets the crypto infrastructure used by the scam centers. In addition, the United Kingdom has already sanctioned Xinbi to prevent it from accessing the financial and crypto networks. The UK government imposed these sanctions on March 26. The coordination of such moves shows how law enforcement agencies are now targeting financial intermediaries as well as technology companies alongside the scammers. As far as Xinbi is concerned, the US has now imposed crypto restrictions, channel seizures, and economic sanctions. Authorities are also investigating other wallets in the laundering network.
